While IBD continues to label the market in a correction, my short term trend indicator for the QQQ turned up. I do not trust a change in trend until it lasts 5 days. Stay tuned.
Month: June 2011
GMI rises to 2; 26th day of QQQ short term down-trend
IBD still considers the market to be in a correction. My GMI indicators climbed on Tuesday. It remains to be see whether this market can rise after the 2nd quarter is over.
Mainly in cash
I would not trust any bounce this week because it may only be end of quarter window-dressing by the mutual funds. Given the continuing market correction and the uncertainty with regards to raising the debt limit, I transferred some of my university pension funds into money market funds today. I normally wait for a definitive Stage 4 decline before exiting, but I am not willing to risk losing a lot of money now. If I am wrong, I will move back into mutual funds. I remain in cash in my trading account with one little short position.